Takeaways from America’s second-largest bank failure

New York
CNN
 — 

Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history.

SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers that withdrew their deposits.

Though experts quelled fears of a wider contagion, the bank’s collapse could have significant ramifications on the startup and tech sectors.

Here’s everything we know so far.

Founded in 1983, Silicon Valley Bank provided financing for almost half of US venture-backed technology and health care companies – they have been hurt by higher interest rates and dwindling venture capital.

While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209…